The minister of industry, trade and investment, Jumoke Oduwole, says the ministry generated over $500 million dollars in export revenue in 2025 from industrial development and diversification of the economy.

Ms Oduwole made the disclosure, when she appeared before the Senate committee on trade and investment on Monday to defend the ministry’s 2026 budget.

According to her, the ministry’s programmes had also created more than 20,000 direct jobs.

Ms Oluwole said activity on Nigeria Commodity Exchange expanded sharply with traded volumes up by over 500 per cent.

According to her, the ministry advanced a strategic partnership to establish a national trade and distribution company to strengthen structured commodity trade and market access.

The minister said the ministry also secured the approval of the Federal Executive Council for the National Industrial Policy in November 2025.

“Importantly, in 2025, the ministry launched Nigeria’s first-ever National Intellectual Property Policy as a national trade and distribution company.

“We also secured the approval of the National Intellectual Property Policy as a national trade and distribution company.

She said that in 2005, the ministry’s appropriation was N11.8 billion with personnel and overhead allocations fully utilised. 

Mr Oluwole said that apart from the N3.8 billion capital allocation, no amount had been released to date.

According to her, revenue performance exceeded target by approximately N100 million with full remittance to the consolidated revenue fund.

“Within available resources, the ministry maintained fiscal discipline effective planning, and accountable use of public funds.

“2026 priorities and capital requirements, distinguished senators, with your support, continuing for the ministry, we are committed to ensuring that the speedy attainment of the Renewed Hope Agenda of President Bola Tinubu’s administration.

“Accordingly, our 2026 priorities are firmly grounded in the national development plan and the existing policy frameworks, including the trade policy for Nigeria, the Nigerian investment policy, and the Nigerian industrial policy. 

“In 2026, the ministry will focus on implementation, advancing industrial policy through targeted value chains and industrial cluster development and special economic zones.” 

She said the emphasis was firmly on giving priority to Nigeria’ s local production and non-oil exports.

The minister said that domestic investors would remain the anchor and the strongest signal of confidence in the economy, while global investors would continue to be engaged through trade missions and in-country investment visits.

“We will take delivery and impact to the sub-national level through the National AFCFT Tour, and structured zonal and state engagements that anchor value chains locally and strengthen state ownership of trade and industrial outcomes.

She said the efforts would be supported by the roll out of digital investor portals and trade intelligence tools aimed at improving transparency and coordination across trade and investment promotion.

The minister said the ministry’s proposed 2026 capital allocation stood at N2.72 billion. 

Ms Oluwole said given the scope of responsibilities and the execution priorities outlined, the allocation would be a stretch in meeting the full demands of programs and capital projects of the ministry.

She sought the committee’s support for enhancement of its capital allocation to enable effective alignment of priority programs in line with objectives of national development plan and the medium-term expenditure framework. 

“It is in this context that I request your continued support as we work to collectively deliver on the ministry’s mandate to strengthen industrial development, expand trade, attract investment, and support economic growth across the Federation.”

(NAN)